The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-17
DUN g. co.'s BUSINESS REVIEW.

Eastern Centers Suffering from Scarcity of
Money.
NEW YORK, Sept. 16 r.. G. Dun & Co, in
their weekly review of trade, say: All antici-
pations of momentary stringency this fall,
which were expressed months ago. are abund-
antly justified by the pressure now felt in spite
of supplies from abroad, far beyond reasonable
anticipations. Were the merchandise move
ment alone to control, gold would be going out
in large amounts; instead, gold is coming in
largely through operations of syndicates, in
purchase of securities. or for other investments
loans; and yet the pressure is severe. The
Boston market is tight many millions
having been sent West for rail-
road building or other operations.
Philadelphia is cautious because of recent
failures and consequences not wholly disclosed.
Cincinnati banks are forced to especial con-
servatism by the Cincinnati, Hamilton g. Day
ton uncertainties and the effects OF the Fidelity
collapse. Chicago reports an enormous business
done by note-brokers, and high rates bid by
merchants and manufacturers Stringency is
reported at Nashville and Atlanta with active
demand at full rates at New Orleans, and the
demand in Cleveland. Omaha, Kansas City and
other Western cities is unusually brisk on ac-
count OF activity in trade OF in building. The
treasury continues TO absorb money 1t holds
at all points So 500 900 more gold than last Sat
100000 less silver. But treasury alb
serpton obviously does not account
for the scar city, IN view OF the large
imports of gold. and the conclusion is unavoid-
able that the drain of money to the West and
South is unusually large. Great difficulty in
making time loans because New York banks
have no money to spare except on CALL depresses
stocks and begins to cause curtailment of COM
mercial transactions. Months ago it was fore
seen that real estate speculation. and the at
tempt to do in one year all the building needed
for several years to come would cause some en-
barrassment. which is now felt.
The weekly production of pig-iron is not
smaller than year ago. as some assert. but ac-
cording to the Iron Age, an increase of 10 per
cent Except for a few grades. the tone is
weaker, and heavy imports continue, with much
complaint of undervaluatons. Wheat has
been dull and lower. In spite of reduction of
ocean rates TO Id for grain to Liverpool. Large
exports from California in August, at a nominal
price above 81 per bu, are officially reported and
suggest that the effects of the corner are yet felt
at Liverpool
Corn is a shade lower with somewhat better
prospects to yield but there is no longer doubt
that the crop was greatly diminished by the
drought another effect of which is in
heavy shipments of cattle to a depressed mar
ket.
Oil ''boomedr to about 10 cents on reports of a
meeting of producers at Pittsbure. on Monday,
but collapsed to 62c Wednesday, recovering
little since The wool market drags lifelessly.
The boot and shoe trade still improves, and dry
goods are fairly sustained. but with irregularity
in the demand, which makes some qualities
scarce, while others move slowly. Exports of
breadstuffs provisions. cotton, cattle and oil in
August were $37. 600, 600 In value, e. per cent
above the same month last year. but imports at
New York for August show increase of 10
per cent. Gold comes this way, not in pay ment
for goods, but as a loan.
The business failures during the last seven
days number, for the United States. 165; for